Stock Market News For Jan 30, 2019
Zacks Investment Research | Jan 29, 2019 09:30PM ET
U.S. stocks closed mostly lower as trade war concerns escalated further. Moreover, investors waited for the Fed’s monetary policy statementdue late on Wednesday. Both the S&P 500 and Nasdaq Composite ended in the red while the Dow managed to finish the green.
The Dow Jones Industrial Average (DJI) closed at 24,579.96, gaining 0.2%. However, the S&P 500 Index (INX) declined 0.2% to close at 2,640. The Nasdaq Composite Index (IXIC) closed at 7,028.29, losing 0.8%. A total of 6.7 billion shares were traded on Tuesday, lower than the last 20-session average of 7.6 billion shares. Advancers outnumbered decliners on the NYSE by 1.42-to-1 ratio. On the Nasdaq, decliners had an edge over advancers by 1.23-to-1 ratio. The CBOE VIX increased 1.4% to close at 19.13.
How Did the Benchmarks Perform?
The Dow ended in positive territory reversing some of previous day’s losses. Notably, 18 stocks of the 30-stocks blue-chip index finished in the green while twelve ended in red. The tech-heavy Nasdaq Composite ended in the red for second-straight day, due to weak performance by large tech stocks.
The S&P 500 closed in negative territory for the second consecutive days. The Technology Select Sector SPDR (XLK) lost 1% while Communication Services Select Sector SPDR (XLC) dropped 1.2%. However, Industrials Select Sector SPDR (XLI) gained 1.4%. Notably, seven out of 11 sectors of the benchmark index closed in the green while the remaining four in the red.
Trade-related Tensions Escalate
On Jan 28, the U.S. Department of Justice filed criminal charges against Chinese telecom behemoth Huawei Technology’s CFO Meng Wanzhou and the daughter of the company’s founder and President Ren Zhengfei. The Justice Department is seeking the extradition of Meng Wanzhou from Canada. Huawei was charged for violating U.S. sanctions on Iran and a 2014 civil trade secrets lawsuit filed by T-Mobile US Inc. (NASDAQ:TMUS) for stealing trade secrets. T-Mobile carries a Zacks Rank #3 (Hold). You can see Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.